Treasury denied Sh69 billion by reduced bank profits and increased employee reliefs

Treasury Cabinet Secretary Henry Rotich (left) and UN Representative Siddharth Chatterjee at a past event. [Standard]

Reduced banking profits and increased employee reliefs denied the Government Sh69 billion in taxes, forcing the Treasury to cut expenditure for the current financial year.

This saw the Kenya Revenue Authority miss its collection target by Sh172.4 billion in the financial year ending June 2018, with income tax contributing 40 per cent of the shortfall.